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3M announces acquisition of OCP from Avery Dennison

Avery Dennison is to be bought out by 3M.

09 January 2012

It has been announced that 3M will buy the Office and Consumer Products (OCP) arm of Avery Dennison, which is likely to have a been a deal merger and acquisition advisors were involved in.

The organisation has agreed to pay $550 million in cash for the business, which operates in countries all over the world including Canada, the US, the UK, Europe and Australasia.

"OCP will build on 3M's strong and long-standing customer partnerships worldwide," vice-president and general manager of 3M's Office Supplies Division Bill Smith stated.

"This acquisition complements our global business ... and will allow us to better serve our customers with accelerated product innovation," he added.

It was claimed Avery Dennison's OCP unit is one of the largest in the world, with sales thought to have reached $765 million (£491 million) with earnings before interest, taxes, depreciation and amortisation of $95 million last year.

Among the famous brands 3M already owns are Post-it, Scotch Tape, Filtrete and Nexcare.

Posted by Ken Hayes

Source: 3M press release, January 3rd

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